Sumitomo Mitsui Trust Holdings Inc. Raises Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Sun Communities, Inc. (NYSE:SUI) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 673,215 shares of the real estate investment trust’s stock after buying an additional 33,795 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.54% of Sun Communities worth $89,975,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SUI. Norges Bank purchased a new stake in shares of Sun Communities in the fourth quarter worth approximately $315,323,000. PGGM Investments purchased a new stake in shares of Sun Communities in the third quarter worth approximately $130,082,000. JPMorgan Chase & Co. raised its holdings in shares of Sun Communities by 18.8% in the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares during the period. Resolution Capital Ltd purchased a new stake in shares of Sun Communities in the third quarter worth approximately $104,406,000. Finally, Invesco Ltd. raised its holdings in shares of Sun Communities by 72.4% in the first quarter. Invesco Ltd. now owns 1,916,668 shares of the real estate investment trust’s stock worth $335,973,000 after buying an additional 805,125 shares during the period. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Down 0.1 %

Shares of NYSE:SUI opened at $118.38 on Thursday. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.52. The business’s fifty day simple moving average is $128.19 and its 200-day simple moving average is $125.09. The company has a market capitalization of $14.75 billion, a PE ratio of 103.84, a P/E/G ratio of 7.58 and a beta of 0.80. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a $0.94 dividend. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.18%. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Compass Point raised their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price objective on the stock. BMO Capital Markets reduced their price objective on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. JMP Securities restated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a report on Wednesday, March 20th. Finally, Truist Financial reduced their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $141.17.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock valued at $912,460 in the last quarter. 1.89% of the stock is currently owned by corporate insiders.

Sun Communities Profile

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.